Hello everyone!
Today looking into a $ELF setup on Binance with short and mid term targets!
If successful this setup could bring up to 170% in profits!
First the links about the coin, and the link to the market of the chart:
https://coinmarketcap.com/currencies/aelf/
https://aelf.io/
https://etherscan.io/token/0xbf2179859fc6D5BEE9Bf9158632Dc51678a4100e
https://www.binance.com/en/trade/ELF_BTC
Ok now that we have all the confusion out of the way, let's go to the chart!
https://www.tradingview.com/x/SGyfqSA5/
First up a chart with support and resistance lines.
The way I choose them is by looking left and trying to see which one's look like they played a more important role in the past.
What I came up with are 2 support lines, the first one at ~910 satoshi and the lower one at ~725 satoshi and ofcourse some resistance lines, at ~1100 satoshi, 2nd at ~1415, 3rd at ~2165 and the 4th one at ~2745 satoshi, given that the last one, if you look to the left I marked more of an area stretching up to ~3050 satoshi.
Next step is pulling a Fibonacci!
https://www.tradingview.com/x/iG3ioUXF/
With the fibs on there is an even clearer view on the charts.
Lets go from the bottom up,,,
Although not quite correlated with any fib line the 2 bottom support lines give us points of possible buys or places one would wanna potentially average down. Furthermore by examining the 0.236 (bottom red) fibline we can see that it was used as a support which seems to be turning the price around since the recent dump at end of July.
Up next the ~1100 satoshi resistance line, closely correlating with the 0.5 fib line which is sitting at 1079 satoshi.
This line would be a trigger for this trade, waiting for it to break to get a further confirmation for the setup us a good idea.
The following is the first potential target for this setup, the line around ~1415 satoshi, sitting just in between 2 fibs (0.786 & 1.0) which make up a resistance area from which the price was rejected and pushed down 2 times already, seems to be the possible sweet spot for taking the first ~34% of profits.
The 2nd target would give around 100% profits and is around the ~2165 satoshi line, which is residing slightly above the 1.618 fibline which is marked at 2067 satoshi, and thus further confirms the 2nd target.
The third and final target is more of an area, by combining the marked bottom of the resistance area I mentioned earlier which is stretching from ~2745 to ~3045 satoshi, and the 2.618 fibline at 2950 this one would result in an profit of around 170% (give or take +-10%)!
Hope you can use today's setup for your advantage!
Wishing everyone profitable trading and good luck in the markets!
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This post is NOT financial advice or any kind of recommendation, nor is CryptoChartArt licensed to give one!
It is a personal opinion and view on the chart!
Intended for entertainment purposes only!
Regards, OZ